Chapter 2 & 3 Vocabulary Words

The total value of the goods and services produced in a country in a given year.

12.

Things used to produce goods and services.

17.

A general decreas in the cost of goods and services.

18.

A central authority makes the key economic decisions.

19.

A decline in economic activity.

20.

When the quantity demanded and the quantity supplied meet.

21.

The amount of goods and services that producers will provide at various prices.

22.

A peak of economic activity.

23.

A combination of a market and command economy.

24.

Studies how society chooses to use resources to produce and distribute goods and services for people's consumption.

Down

1.

The economic resources used to produce goods and services.

4.

The initiative to improve goods and services or create new ones.

5.

Knowledge, efforts, and skills people bring to their work.

7.

A general increase in the cost of goods and services.

8.

Economic decisions are made in the marketplace according to the laws of supply and demand.

9.

When the government spends more on programs than it collects in taxes, the difference in the amount.

10.

A rise in business activity after a recession or depression.

11.

Raw materials found in nature.

13.

Shortage of resources.

14.

The amout or quanity of goods and services that consumers are willing to buy at various prices.

15.

The rise and fall of economic activity over time.

16.

A deep recession that affects the entire economy and lasts for several years.

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